FxWirePro: AUD/USD struggles at the 0.74 handle, further gains only on decisive break above
AUD/USD stalled its overnight downslide well ahead of 200-DMA support located at 0.7304. Risk-on remains in full swing as Brexit concerns take a back seat, the pair is extending upside on the day fuelled by a solid rebou…
AUD/USD stalled its overnight downslide well ahead of 200-DMA support located at 0.7304.
Risk-on remains in full swing as Brexit concerns take a back seat, the pair is extending upside on the day fuelled by a solid rebound staged by the oil prices.
Techs on 4 hourly charts support upside, the pair is struggling at the 0.74 handle. A decisive break above is needed to take the pair higher.
Immediate support and resistance are located at 0.7462 (5-DMA) and 0.7360 (June 17th low) respectively. Break above 0.74 could see gains upto 0.7450.
US final GDP and consumer confidence data due later in the NA session along with sentiment on the global equities and Brexit-related news flow will continue to drive the Aussie price action.
Recommendation: We prefer to remain on the sidelines for now.
